Bright MLS recently analyzed nearly 450,000 home sales across the seven states in the Mid Atlantic region to determine sales price variances of properties marketed on the MLS to comparable properties that sold off MLS during 2019 and 2020. 74% were identified as being marketed and sold on-MLS and 26% were identified as sold-off MLS. The median sale price for on-MLS properties was 16.89 % more than the median sale price for homes sold off-MLS.
The study also found homes marketed by a for sale by owner apps or an office exclusive sale typically took longer to sell and 63% of them ultimately ended up listed on the MLS.
When a property is entered into Bright-MLS it exposes the home to nearly 95,000 real estate professionals who are members of the service. The property will also be displayed on many real estate web sites and top real estate apps world wide.
Bottom line: Properties promoted through the MLS sell faster and for more money. Homes not placed on the MLS could potentially cost an owner tens of thousands of dollars.
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